Magellan Aerospace - AF2, Major Eskil "Taz" Amdal, ferry from Eielson, Alaska to Edwards AFB, Ca., March 8, 2018.
AF2, Major Eskil "Taz" Amdal, ferry from Eielson, Alaska to Edwards AFB, Ca., March 8, 2018.
Source: Magellan Aerospace.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Magellan (MAL) will continue producing F-35 Lightning II horizontal tail assemblies with BAE Systems
  • The multi-year agreement is a continuation of the companies’ over 10-year relationship collaborating on Lockheed Martin’s global F-35 program
  • Foreign militaries procuring and operating the F-35 include Israel, Japan, South Korea, Poland, Belgium, Singapore, Finland and Switzerland
  • Magellan is a global aerospace company providing complex assemblies and systems solutions
  • Magellan Aerospace (MAL) opened unchanged, trading at $7.52 per share

Magellan (MAL) will continue producing F-35 Lightning II horizontal tail assemblies with BAE Systems.

The multi-year agreement is a continuation of the companies’ over 10-year relationship collaborating on Lockheed Martin’s global F-35 program.

The horizontal tail assemblies produced at Magellan’s facility in Winnipeg, MB, will be used on the Conventional Takeoff and Landing variant of the F-35.

Magellan intends to produce over 1,000 ship sets of horizontal tail assemblies over the life of the program.

International partners on the F-35 program include the U.S., U.K., Italy, Netherlands, Australia, Norway, Denmark and Canada.

Foreign militaries procuring and operating the F-35 include Israel, Japan, South Korea, Poland, Belgium, Singapore, Finland and Switzerland.

“Magellan has been able to achieve and maintain the maximum production rate per year during the COVID-19 crisis. The award of this agreement to Magellan and the ongoing demand for horizontal tails will enable our rate to be maintained for another three years,” stated Phillip Underwood, Magellan’s President and CEO. “Magellan is proud to be contributing to a critical program, from the earliest days, supporting all of the global customers in this unprecedented international enterprise.”

Magellan is an aerospace company providing complex assemblies and systems solutions to aircraft and engine manufacturers, as well as defence and space agencies worldwide.

Magellan Aerospace (MAL) opened unchanged, trading at $7.52 per share.


More From The Market Herald

" @ the Bell: Tech leads TSX comeback

It was another rocky day for Canada’s main stock index that ultimately ended up in the green thanks to a lead powered by
Geomega Resources - President & CEO, Kiril Mugerman

" Geomega Resources (TSXV:GMA) granted $3M for recycling demo plant

Geomega Resources (GMA) has been awarded a $3 million grant from the government of Quebec’s Technoclimat Program.
First Hydrogen Corp. - CEO of Automotive, Steve Gill.

" First Hydrogen (TSXV:FHYD) unveils next gen FCEV images

First Hydrogen (FHYD) has received the initial Generation II images for its hydrogen fuel cell vehicle (FCEV), designed in collaboration with EDAG Group.
The Tugaske Project.

" Gensource Potash (TSXV:GSP) closes non-brokered private placement

Gensource Potash Corporation (GSP) has closed its previously announced non-brokered private placement of units and flow-through common shares.